
\begin{table}
\begin{center}
\begin{tabular}{l c c c c c c}
\hline
 & Inv. & Inv. & Inv. & N. Inv. & N. Inv. & N. Inv. \\
\hline
Firm Party                          & $-0.050$    & $-0.257$      & $-0.365$      & $0.078$     & $-0.154$      & $-0.216$      \\
                                    & $(0.343)$   & $(0.374)$     & $(0.515)$     & $(0.282)$   & $(0.305)$     & $(0.414)$     \\
Alignment                           & $-0.019$    & $-0.034$      & $-0.081$      & $0.026$     & $0.010$       & $-0.036$      \\
                                    & $(0.151)$   & $(0.161)$     & $(0.178)$     & $(0.133)$   & $(0.136)$     & $(0.143)$     \\
Recent Class Action                 &             & $1.022^{***}$ & $0.849^{***}$ &             & $0.621^{***}$ & $0.513^{**}$  \\
                                    &             & $(0.196)$     & $(0.240)$     &             & $(0.157)$     & $(0.158)$     \\
Recent Restatement                  &             &               & $1.496^{***}$ &             &               & $1.010^{***}$ \\
                                    &             &               & $(0.215)$     &             &               & $(0.138)$     \\
\hline
Firm FE                             & Yes         & Yes           & Yes           & Yes         & Yes           & Yes           \\
Year FE                             & Yes         &               &               & Yes         &               &               \\
Year--Finance FE                    &             & Yes           & Yes           &             & Yes           & Yes           \\
Political Controls                  & Yes         & Yes           & Yes           & Yes         & Yes           & Yes           \\
Financial Controls                  & No          & Yes           & Yes           & No          & Yes           & Yes           \\
Num. obs.                           & $7504$      & $6601$        & $4629$        & $7523$      & $6619$        & $4651$        \\
Num. groups: gvkey                  & $816$       & $736$         & $622$         & $835$       & $754$         & $644$         \\
Num. groups: year                   & $13$        & $$            & $$            & $13$        & $$            & $$            \\
Deviance                            & $6080.883$  & $5307.997$    & $3955.275$    & $4239.864$  & $3660.450$    & $2679.551$    \\
Log Likelihood                      & $-3040.442$ & $-2653.999$   & $-1977.637$   & $-3420.222$ & $-2977.053$   & $-2246.198$   \\
Pseudo R$^2$                        & $-0.148$    & $-0.152$      & $-0.183$      & $-0.111$    & $-0.121$      & $-0.145$      \\
Num. groups: year^finance\_industry & $$          & $26$          & $20$          & $$          & $26$          & $20$          \\
\hline
\multicolumn{7}{l}{\scriptsize{$^{***}p<0.001$; $^{**}p<0.01$; $^{*}p<0.05$; $^{+}p<0.1$}}
\end{tabular}
\caption{Statistical models}
\label{table:coefficients}
\end{center}
\end{table}
